2021 (7) TMI 504

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....9) - -<br>Income Tax<br>Mahavir Singh , Vice President And M. Balaganesh , Member ( A ) For the Appellant : Shreekala Pardeshi , DR For the Respondents : Ketan Ved , AR ORDER Per M. Balaganesh, AM These appeals of the Revenue and cross-objections filed by the assessee arise out of the order passed by the Ld. Commissioner of Income Tax (Appeals)-16, Mumbai [hereinafter referred to as....

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....f the Act r.w.r. 8D(2) of the Rules for the Income Tax Rules (hereinafter referred to as &#39;Rules&#39;). 3. We have heard the rival submissions and perused the relevant materials on record. We find that assessee is a Non-Banking Finance Company (NBFC) incorporated on 18.10.2005 and engaged in investment advisory activities and treasury and wholesale credit activities and retail financial serv....

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....7.01.2011 partly allowed the assessee&#39;s appeal. On further appeal by the assessee to this Tribunal, this Tribunal in ITA Nos. 2801 and 2137/Mum/2012 dated 18.11.2016 set aside the issue pertaining to the disallowance made u/s. 14A of the Act in the sum of Rs. 1,99,65,779/- to the file of the Ld. CIT(A). 3.2. We find that assessee had earned exempt income of Rs. 12,27,24,681/-. We find that ....

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....y the assessee was only Rs. 9,46,325/- as against the actual exempt income of Rs. 12,27,24,681/-. Accordingly, he directed the Ld. AO to restrict the disallowance only to the extent of exempt income in the sum of Rs. 9,46,325/- u/s. 14A of the Act. We find that Ld. AR fairly stated that the exempt income derived by the assessee was more than what is incorrectly stated by the Ld. CIT(A) in his orde....